A Toronto-based private equity firm is slated to be the new owner of West Conshohocken-based SMG Holdings Inc., the manager of more than 240 stadiums and arenas in eight countries.

SMG, which operates the Pennsylvania Convention Center in Philadelphia, began seeking buyers earlier this year. Onex, which announced the buy Monday, did not disclose financial terms, but did say the deal is expected to close in early 2018 following regulatory approval. Earlier reports indicated a possible sale price of $750 million, writes Alison Burdo in the Philadelphia Business Journal.

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Live Nation Entertainment was rumored to be a bidder for SMG, the world’s biggest third-party manager of sports and entertainment facilities – a deal that would have created a powerhouse in the entertainment facilities space.

Founded in 1977, SMG manages 239 stadiums and arenas and other public facilities in eight countries around the world. SMG is currently owned by American Capital. Some of the facilities under its ownership are the NRG Stadium and NRG Astrodome in Houston; the Royal Farms Arena in Baltimore; and the Bob Hope Theater in Stockon, Calif.

SMG’s CEO Wes Westley said in a statement that “ownership mentality and long-term focus make [Onex] an ideal partner for us.”

“SMG is the global gold standard in venue management,” said Amir Motamedi, an Onex managing director, in a statement. “We’re excited to work with Wes, his management team and the general managers within each of SMG’s venues to continue to provide the same world-class service their clients have come to expect.”

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